Key gov’t agencies to sign Anti-money Laundering Joint Task Force with ICAC

Representatives of key government agencies during the signing of Anti- Money Laundering Joint Task Force this morning (NBC News)

Key government agencies include Customs PNG, Investment Promotion Authority [IPA], Auditor General and others have come together to sign the Anti- Money Laundering Joint Task Force with the Independent Commission Against Corruption [ICAC] this morning in Port Moresby.

The establishment of this Task Force will significantly enhance the coordination and effectiveness of asset recovery and anti-laundering efforts in the country.

This comes at the back of a report from the Financial Action Taskforce Mutual Evaluation that 'PNG is not prioritizing or pursuing money-laundering and its asset recovery in line with Money-Laundering risks'.

Deputy Commissioner of ICAC, Daniel Baulch said the signing ceremony for the Anti-Money Laundering Joint Taskforce, will be a crucial step in PNG's efforts to combat financial crime and avoid being placed on the Financial Action Taskforce [FATF] 'grey list'.

"These actions are critical to avoid the FATF placing PNG on a grey list, which will significantly impact our economic growth and global reputation," said Daniel Baulch.

Grey listing could severely impact PNG's economy by deterring foreign investment, increasing transaction costs for businesses, and damaging the country's international reputation.

The Basel Anti-Money Laundering Index ranked PNG 170th out of 203 countries, with significant concerns raised about its AML/CTF framework, corruption, and financial transparency. The signing today will be significant in order to tackle these.

Meanwhile, ICAC will play a crucial role in combating corruption and improving PNG's anti-money laundering systems by working with both domestic and international partners aiming to help PNG meet FATF recommendations and build a more transparent financial system.

"The laundering of corruption funds will continue to be a primary concern in ICAC investigations. Over time, ICAC will help bring transparency and accountability to public offices and make an impact on financial crimes." Baulch added.